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Mortgage CRM Software
What is Mortgage CRM Software?
Mortgage customer relationship management (CRM) software is designed to help mortgage professionals run their front-end operations. The subprime mortgage crisis is anything but a distant memory. Delinquencies and foreclosures are still common occurrences, and mortgage lenders have realized the importance of focusing on the customer acquisition and management lifecycle as a means of recovery. In particular, lenders and loan officers must overcome the hurdles of keeping detailed client notes and maintaining timely client follow-up. They require proper contact management coupled with loan pipeline management in order to stay in control of their business. On top of client retention, mortgage lenders also need to grow and expand their operation in a highly competitive market.
Mortgage-specific Functionality
Mortgage CRM software often includes applications for contact management, so that lenders can organize client data into one, easily accessible location. However, if the tool is specific to the mortgage industry, it will also include additional key features:
| Loan Pipeline Management | Mortgage CRM software should tie in with existing loan-originating software (LOS) systems to improve loan pipeline management. This integration allows lenders to view loan reports on-demand, track loans as they go through the LOS, and synchronize important data such as loan status values and 1003 application data. With a few clicks, the lender can access contact information, loan information, email and phone call history. |
| Referral Partner Marketing | In a highly competitive market, mortgage companies can benefit greatly from a program that facilitates drip marketing campaigns and campaign tracking to send targeted messages to clients and referral partners. Tracking these campaigns helps lenders know how to cultivate and reward client and partner loyalty. |
| Mortgage Event Alerts | There should also be tools for notes and alerts that remind the lender of important upcoming events, such as which clients want to refinance several weeks or months in the future. Some systems also have a news update application that provides the most up-to-date information, such as increased annual premiums or changes in upfront mortgage insurance rates (UFMIP). |
| Regulation Compliance | With the current instability in the market, it is even more important for lenders to stay abreast of new regulations and compliance issues in their industry. Integrated compliance modules are available in some products to help ensure that business operations are in line with regulations enforced by organizations such as the Federal Housing Administration (FHA). |
Evaluating Mortgage CRM Software
Mortgage accounting software can automate many of the day-to-day marketing and loan processing, facilitating marketing efforts and increasing accuracy and customer service. When selecting mortgage CRM software, ask the following questions:
- Does the software integrate seamlessly with your existing LOS system for end-to-end loan visibility?
- Does the software integrate with other existing legacy systems such as ERP or accounting?
- Does your organization require a web-based customer portal so customers can access loan applications and information online?
- Does your organization require capabilities for multi-channel marketing (i.e. email, phone, direct, etc.)?
Have an opinion on this guide? Email the authors. We appreciate the feedback.
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Leads360
Recognized experts in the mortgage industry, Leads360 helps mortgage companies of all sizes better collect, organize and distribute leads to the right loan officer quickly and effectively.
LeadMaster Lead Management
Mortgage professionals need an automated solution for collecting, distributing and managing leads. LeadMaster offers an industry-specific solution for mortgage companies to help them track incoming leads and closed deals.
Maximizer CRM
Maximizer CRM is a legacy system in the SMB and midmarket, with over one million users. The system offers multiple deployment methods and can be highly customized to meet the needs of your mortgage organization.
Sage SalesLogix
Sage SalesLogix is a veteran in the sales force management and CRM space. They work in over 70 industry verticals and can customize their solution to meet the unique needs of a small to mid-sized mortgage company.
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Microsoft Dynamics CRM
Microsoft Dynamics CRM offers one of the strongest feature sets on the market at an affordable price point for companies of all sizes. This system helps mortgage professionals better manage leads and optimize sales opportunities.
InfusionSoft
Infusionsoft was built with the small business owner in mind. It combines CRM functionality with email marketing, e-commerce and marketing automation to provide a robust solution that can grow along with your small business.
AIMcrm
AIMcrm offers a customized solution for small to mid-sized mortgage companies. With tools for lead capture, lead distribution and performance reporting, companies can see how each individual's efforts supports the whole.
NetSuite CRM+
NetSuite CRM+ is a leading solution for small and midmarket mortgage organizations. The web-based system offers sales automation, marketing automation and customer service features to help automate your unique business processes.
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